Journal Entry September 30: Sold 15 bicycles on special at $150 each and 5 golf club sets at $350 each. The customer put 12% on account and paid cash for the rest.
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- Can you assist please The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The invoice had terms of 3/10, 2/20, N/30. On May 18, the shop sent a check for an amount that gave it a credit for ½ the balance due. On May 31, the remaining balance was paid. The shop expects a profit of 30% of cost and 15% of cost for operating expenses. From May until the end of September, the shop sold 40 wagons at its regular markup. From September through December, the remaining wagons were sold with a 35% markdown price. It is your task to determine the following, remembering to show and label all calculations: The regular list price per wagon rounded to the nearest cent. The reduced list price per wagon rounded to the nearest cent. The total revenue received from the sale of all wagons. thanksAccount journalistThe following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Required: Sold 20 items of merchandise to Customer B at an invoice price of $5,700 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 3 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer B paid in full for the invoice of November 20. Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your…
- Calculate the effective annual interest rate if Ahmad opens a charge card account with a department store. In the charge account agreement, the store indicated it charges 2% each month on the unpaid .balance 26.82% O 27% O 23.82% O 2582%Please answer the question correctly. Thank you.July 17 Purchased 50 watches for $7,500 ($150 per watch) on account. July 31 Sold 40 watches for $20,000 cash. August 12 Purchased 40 watches for $6, 400 ($160 per watch) cash. August 22 Sold 30 watches for $15,000 on account. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $9,000 for watches sold on account on August 22. October 27 Purchased 80 watches for $13,600 ($170 per watch) cash. November 20 Sold 90 watches for $45,000 cash. December 4 Purchased 100 watches for $18,000 ($180 per watch) on account. December 8 Sold 40 watches for $20,000 on account. Required: 1 - a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming Suzie uses a FIFO perpetual inventory system to account for inventory. 1 - b. Prepare the gross profit section of a partial income statement for transactions related to MU watches
- Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 27 bushels of flowers to a customer for $1,200 cash; cost of sale $630. Oct. 21 Sold 60 bushels of flowers for $20 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $6 to Flower Company. Oct. 31 Received payment in full from the October 21 sale. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.Extreme Sports sold 3,000 monthly subscriptions at $26 each for services provided during February $17,805 was collected in cash and the rest was sold on account What is the credit to Service Revenue?Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blank. Oct. 1 Jim White made a $600 payment on account. 8 Cash sales for the week, $3,000, plus sales tax. 10 Kristin Ludwin made a $600 payment on account. 15 Melissa Perez made a $3,570 payment on account. 17 Cash sales for the week, $2,600, plus sales tax. 25 Sue Lee paid $860 on account. 30 Matt Chang paid $934 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax Account General Receivable Payable Date Credited Post. Ref. Credit Credic Sales Credit Credit Cash Debit Oct. 1 Jim White 8 Cash sales 10 Kristin Ludwin 15 Melissa Perez 17 Cash sales 25 Sue Lee 30 Matt Chang
- Zaldy's bill of P5 000 was due on September 10. A purchase of P 3 000 was made on September 15 and P 3 500 was charged on September 19. A payment of P 6 000 was made on September 17. The interest on the average daily balance is 2.5% per month. Find the average daily balance if the billing date is every 10th of the month. Answer:FOR PROFITS 19. The store accountant receives an invoice for $1,400.00 at list price, plus a $54 freight bill with trade discounts of 20 and 10. The in- voice is paid on time and earns an additional 2% cash discount. What is the net cost?The following transactions were selected from among those completed by Bennett Retallers in November and December: November 20 November 25 Sold 20 items of merchandise to Customer 8 at an invoice price of $6,400 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 1 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 2/10, n/38. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. December 6 Customer D paid the account balance in full. December 20 Customer 8 paid in full for the invoice of November 20. November 28 November 29 Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your…
